Bitmain Suspends Sales amid China’s Crackdown on Crypto Mining

Bitmain, one of the world’s largest Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining hardware manufacturers, halted the sales of its machines for delivery globally amid the current Chinese government’s crackdown on crypto mining. The rig maker published the announcement on its blog page, where the firm stated that the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic and other factors accelerated the decline in the machines’ prices, which fell by 75% since April.

Furthermore, domestic miners had to flee the country to seek other territories to keep running their operations, such as United States, Canada, Australia, Russia, Belarus, Sweden, Norway, Kazakhstan, Angola, Congo and Indonesia, Bitmain said. Bloomberg reported that a company spokesman did not comment on whether the business will resume or not.

“The development of Bitmain is inseparable from the support of our customers. We adhere to the values ​​of ‘long-term, loyal, and win-win,’ and strive to cope with every change and fluctuation in the industry together with our partners,” the Chinese mining hardware manufacturer commented on the announcement. Also, Bitmain’s manoeuvre comes in the midst of the Bitcoin network’s power computer declining across the board in recent weeks due to the shutdowns in mining activities across China.

Second-Hand Market Prices

Quoting figures given by Arthur Li, Founder of Bitmain-backed mining startup, Sai Technology, Bloomberg noted that the second-hand market sells top-tier mining rigs developed by Bitmain and Whatsminer at around $23 per THash/second as of press time.

As per ongoing Beijing’s renewed crypto crackdown, Finance Magnates reported that more than 12 popular cryptocurrency accounts were purged from the platform. The account bans are seen as part of Beijing’s larger ‘crackdown’ on cryptocurrencies that developed in May of 2021. However, the practice of banning crypto-related accounts on Weibo is not a new phenomenon in China.

In 2019, Weibo banned the accounts of Binance Co-Founder, Yi He and TRON Founder, Justin Sun. More recently, in March of 2021, Weibo suspended the accounts associated with Binance, Huobi and OKEX, three of the largest cryptocurrency exchanges operating in Asia.